Austin Moeller, an analyst from Canaccord Genuity, maintained the Buy rating on Spire Global (SPIR – Research Report). The associated price target was lowered to $15.00.
Austin Moeller’s rating is based on a combination of factors that highlight Spire Global’s financial and operational improvements. The company reported a significant year-over-year increase in revenues for Q3/24, alongside a notable improvement in adjusted EBITDA loss, indicating a positive trend in financial performance. Additionally, Spire’s completion of the long-awaited audit process and restatement of financials marks an important milestone, providing clarity and stability for future operations.
Furthermore, Spire Global has demonstrated operational progress, with expanded gross margins and improved cash flow, including positive free cash flow and cash flow from operations during the quarter. The company’s strategic initiatives, such as the deployment of new LEMUR satellites and securing significant contracts with NASA and NOAA, also contribute to the positive outlook. Despite some anticipated challenges in Q4/24, such as lower revenues and the impact of legal and consulting fees, the overall trajectory and strategic positioning of Spire Global support the Buy rating, with a raised price target of $15.
SPIR’s price has also changed moderately for the past six months – from $8.180 to $10.620, which is a 29.83% increase.